Rajesh Exports Q1 profit up 14%

Jewellery firm Rajesh Exports today posted 14 per cent rise in consolidated net profit at Rs 269.9 crore in the first quarter of 2016-17 on higher sales.
The company had clocked a net profit of Rs 237.1 crore in the year-ago period, it said in a BSE filing.
Income from operations rose more than three-fold to Rs 58,916 crore in the April-June quarter of 2016-17, from Rs 15,144 crore in the year-ago period.
Expenses also remained higher at Rs 58,550 crore from Rs 14,764 crore in the said period.
Commenting on the performance, Rajesh Exports Chairman Rajesh Mehta said, "The company has posted record revenue and profits for the quarter compared to any other quarter since inception."

The company is working towards creating products which would be unique for the global market, he said.

"With the successful acquisition of Valcambi, the company would now look forward to increasing its global presence by introducing these products in European and American market for growing its profitability," he added.
The company's refining capacity has increased to 2,400 tonnes of precious metals per annum after the acquisition of Valcambi, the world's largest gold refinery at Switzerland.
Shares of the company rose by 2.27 per cent to close at Rs 449.65 apiece on the BSE today.